CryoLife to Receive $2.25 Million to Settle Dispute
06-Oct-2006
CryoLife, Inc. has settled an outstanding insurance coverage dispute for $2.25 million. The dispute involved losses stemming from amounts paid in 2005 by the Company. In resolving the dispute, no party admitted any liability.
Steven G. Anderson, President and Chief Executive Officer stated, "We believe that the settlement of this dispute was in the best interests of our shareholders and are pleased to have this matter behind us. The settlement strengthens our financial position and reinforces our belief that we will not have to complete a financing to fund our day-to-day operations."
Investors and other interested parties are referred to the Company's Form 8-K filed with the Securities and Exchange Commission on September 29, 2006.
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